July 26: Florida records 9,300 new cases; Officers break up house party with at least 200 guests west of Toronto
When the Bank of Canada launched a program in mid-April to begin buying corporate bonds, it was embarking on a journey into unknown territory for a Canadian central bank. It’s turned out to be little more than a day trip., intended to support corporate borrowing in pandemic-roiled markets by buying up to $10-billion in corporate paper over 12 months, has scraped together just $133-million since its launch in late May.
Bond strategists say that with a remarkably strong corporate bond market emerging after the COVID-19-related market turmoil, dealers haven’t needed to turn to the Bank of Canada to find a home for their supply. With demand booming and new supply slowing in recent weeks, there have been no takers in the central bank’s twice-weekly reverse auctions.
The program was announced at the height of the COVID-19 crisis as part of the central bank’s barrage of actions to help stabilize malfunctioning financial markets and keep crucial credit flowing to businesses, consumers and governments.Commercial real estate has been hit hard by the pandemic, but one corner of the sector is riding out the upheaval:
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